Molopo Energy Limited 10 - Panel Makes Interim Order [21/05/2018] The Takeovers Panel

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TP18/35
Monday, 21 May 2018

Molopo Energy Limited 10 - Panel Makes Interim Order

The Panel has made an interim order1 in response to an application for an interim order dated 18 May 2018 by Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund in relation to the affairs of Molopo Energy Limited.

The interim order restricts Molopo from making any payment or incurring any expenditure or liability of more than $175,000 or $175,000 in aggregate without the consent of one or more of the sitting Panel members.

The interim order has effect until the earliest of further order of the Panel, determination of the proceedings and 2 months from the date of the interim order.

A copy of the interim order is attached.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3500
takeovers@takeovers.gov.au


Annexure A

CORPORATIONS ACT
SECTION 657E
INTERIM ORDER

MOLOPO ENERGY LIMITED 10

Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund made an application to the Panel dated 11 May 2018 in relation to the affairs of Molopo Energy Limited (Molopo) and requested an interim order in relation to the matter on 18 May 2018.

The Panel ORDERS:

  1. That neither Molopo nor any subsidiary of Molopo make any payment or otherwise incur or commit to pay or incur any expenditure or liability for an amount in any single transaction of more than $175,000, or an amount in aggregate in any series of transactions of more than $175,000, without the prior consent of one or more of the sitting Panel members communicated to Molopo in writing.
  2. This interim order has effect until the earliest of:
    1. further order of the Panel
    2. the determination of the proceedings and
    3. 2 months from the date of this interim order.

Bruce Dyer
Counsel
with authority of Christian Johnston
President of the sitting Panel
Dated 18 May 2018


1 BACKGROUND: An interim order is designed to maintain the status quo until the Panel can consider the application in detail.  It may be made by the President or a sitting Panel.  An interim order does not indicate that the Panel has decided to conduct proceedings or necessarily indicate the merits of an application for a declaration of unacceptable circumstances.